Daily Pre-Market Brief: October 31, 2026

Executive Summary & Overnight Sentiment

The overnight trading session was characterized by significant selling pressure across major indices, with the Nasdaq 100 leading the decline, down 3.48%. This sharp drop from its intraday high of 29,180 to a low of 28,232.75 suggests heightened volatility and potential for further downside in the near term. The S&P 500 also experienced a notable decline of 1.81%, reflecting broader market concerns despite its relatively narrower range between 7,558.25 and 7,713.0. Crude oil, on the other hand, showed resilience, rising 2.08% to close at $104.12, likely driven by ongoing geopolitical tensions and supply disruptions. Conversely, gold saw a substantial drop of 3.29%, closing at $3,898.9, indicating a shift away from safe-haven assets as risk appetite improved.

NQ & ES Index Flows: Key Liquidity Zones & Volume Nodes

Nasdaq 100 (NQ) Structure

The Nasdaq 100 futures index is currently under significant selling pressure, with a notable decline from its high of 29,180 to a low of 28,232.75. Key liquidity zones around 28,500 and 28,300 are likely to attract heavy trading activity, as these levels represent important psychological and technical support areas. Volume nodes above 28,500 could act as resistance, potentially limiting further declines. Below 28,300, the index may find additional support, but a break below this level could signal a more pronounced bearish trend.

S&P 500 (ES) Structure

The S&P 500 futures index has shown a more contained decline compared to the Nasdaq 100, with a range between 7,558.25 and 7,713.0. Structural support at around 7,600 is likely to be tested, as this level represents a key psychological and technical barrier. Institutional order flow indicates that large players are likely to defend this area, as it aligns with the 50-day moving average. However, if the index breaks below 7,550, it could open up the path for a deeper correction, potentially reaching the next support zone at 7,500.

Commodities Crosswinds: Crude Oil (CL) & Gold (GC)

Crude Oil (CL)

Crude oil prices have rallied 2.08% to $104.12, driven by geopolitical tensions in key producing regions and supply disruptions. The recent rise puts crude oil back into a bullish trend, with the next resistance level at $105.00. Technical indicators suggest that the upward momentum is intact, but a sustained break above $105.00 would confirm a continuation of the bull run. On the downside, support remains at $103.00, and a fall below this level could indicate a temporary pause in the rally.

Gold (GC)

Gold prices have experienced a significant sell-off, dropping 3.29% to $3,898.9, as investors shift towards riskier assets. This decline reflects a weakening of safe-haven demand, possibly due to improving economic data and rising risk appetite. The next key support level for gold is at $3,850, which has historically provided strong support. If gold breaks below this level, it could signal a broader shift away from precious metals as a safe-haven asset. Conversely, a rebound above $3,950 could indicate renewed interest in gold as a hedge against uncertainty.

Technical & Volume Profile Charts

Nasdaq 100 (NQ Daily)

S&P 500 (ES Daily)

Crude Oil (CL Daily)

Gold (GC Daily)